St Barbara, Newcrest sign deal

Business

THE St Barbara Group has entered into an option and farm-in agreement with Newcrest for copper-gold porphyry exploration on tenements near Tatau and Big Tabar Islands.
This was highlighted in a company announcement on Monday to the Australian Stock Exchange on the conclusion of a strategic review of St Barbara’s Papua New Guinea assets.
St Barbara operates Simberi mine in New Ireland and owns highly prospective exploration tenements across the Tabar Island group in the province.
“The St Barbara group (through its wholly-owned PNG subsidiary Nord Australex Nominees (PNG) Ltd) has entered into an option and farm-in agreement with Newcrest PNG Exploration Limited (a wholly-owned subsidiary of Newcrest Mining Limited) for copper-gold porphyry exploration on the tenements on nearby Tatau and Big Tabar Islands, subject to final completion of normal conditions precedent,” the company statement said.
It said the agreement granted Newcrest the option to earn up to a 75 per cent joint venture interest in the relevant tenement holdings.

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